More than 82,000 Federal Housing Administration (FHA)-backed mortgages originated in 2023 – about 17% of the total – carry at least one small subordinate lien, layering roughly $880 million of additional obligations on borrowers who already entered homeownership with thinner financial cushions, according to a new Benutech analysis.

Benutech attributes most of the liens to pandemic-era FHA loss-mitigation tools, particularly COVID-19 Recovery Standalone Partial Claims, along with some down payment assistance programs.

The company says the data does not show a “crisis in the traditional sense,” because there is no “single dramatic spike, no geographic collapse.” But it details ⇒

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